Departmental Income Statement Elgin Flooring Company sells floor coverings through two departments. carpeting and hard covering (tile and linoleum). Operating information for 2016 appears below. Common operating expenses of the firm were $120,000. Prepare a departmental income statement showing departmental contribution to common expenses and net income of the firm. Assume an overall effective income tax rate of 35 %. Elgin uses a periodic inventory system. Calculate the gross profit percentage for each department. If the common expenses were allocated 60% to the carpeting department and 40% to the hard covering department, what would the net income be for each department